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Banks in India bar engg grads from being entrepreneurs

Views 0 Views    Comments 0 Comments    Share Share    Posted 16-11-2009  

Indian engineering graduates, even from the top-ranked institutes, are finding it difficult to realize their dreams of entrepreneurship in the absence of specific schemes by banks to finance their ventures, according to an Assocham survey. The management graduates in the country are feeling the same heat.

"Over 50 percent of the graduates surveyed blame commercial banks for not floating the schemes to finance the entrepreneurial skills in them to set up their own ventures, and are left on placements offered in business schools," the study said. The survey was conducted on 2,000 graduates from institutes such as IIT Delhi, Delhi College of Engineering, MDI Gurgaon, IMT Ghaziabad and IMI Delhi.

The respondents said that the banks were ready to fund their educational programme, but were not willing to finance their ventures when the candidates were professionally qualified to start up their own ventures.

Also, noting that about three lakh youths pass out of engineering and management institutions in the country annually, Assocham said that the banks should float schemes, where the assessment of credit is based on the knowledge pool of the applicant.

"The role of banks in assisting professional graduates with loans as liberalised terms at the entry level, can be a booster dose not only in creating value chains but also fill up gaps in employment," the Assocham said.

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